JP Morgan Chase fined a total of $920m by four regulators over "London Whale" scandal - Polidicks

[url]http://www.bbc.co.uk/news/business-24159801[/url] [quote]US bank JP Morgan Chase has agreed to pay four regulators $920m (£572m) relating to a $6.2bn loss incurred as a result of the "London Whale" trades. The settlement is the third biggest banking fine by US regulators, and the second largest by UK regulators. As part of the deal JP Morgan admitted violating US federal securities laws.[/quote]

This is chump change for JP Morgan. [URL="http://www.huffingtonpost.com/2012/10/12/jpmorgan-chase-earnings-q3-2012_n_1960764.html"]They earned a record profit of $5.3 billion in Q3 of 2012 alone.[/URL] [quote=Article]It said JP Morgan's conduct "demonstrated flaws permeating all levels of the firm: from portfolio level right up to senior management".[/quote] Yet all they do is slap them with a fine? Those corrupt fucks oughta be jailed.

I thought this had something to do with the whale that was swimming in the Thames a while back at first.

[QUOTE=SgtCr4zyGunz;42246045]This is chump change for JP Morgan. [URL="http://www.huffingtonpost.com/2012/10/12/jpmorgan-chase-earnings-q3-2012_n_1960764.html"]They earned a record profit of $5.3 billion in Q3 of 2012 alone.[/URL] Yet all they do is slap them with a fine? Those corrupt fucks oughta be jailed.[/QUOTE] Why do that when theres money to be made?

[QUOTE=Midas22;42246123]Why do that when theres money to be made?[/QUOTE] This is true. Only reason corrupt bank executives haven't faced a jury is because the government profits too.

[QUOTE=SgtCr4zyGunz;42246169]This is true. Only reason corrupt bank executives haven't faced a jury is because the government profits too.[/QUOTE] You do realise the 2 major players in all this are facing criminal charges in the US?

[QUOTE=SgtCr4zyGunz;42246045]This is chump change for JP Morgan. [URL="http://www.huffingtonpost.com/2012/10/12/jpmorgan-chase-earnings-q3-2012_n_1960764.html"]They earned a record profit of $5.3 billion in Q3 of 2012 alone.[/URL] Yet all they do is slap them with a fine? Those corrupt fucks oughta be jailed.[/QUOTE] I don't call losing 1/5 of your profit "chump change"

[QUOTE=Saxon;42246931]I don't call losing 1/5 of your profit "chump change"[/QUOTE] Total revenue: 97.03b USD (2012) It's about ~0.95% of last years revenue.

[QUOTE=Bradyns;42246994]Total revenue: 97.03b USD (2012) It's about ~9.5% of last years revenue.[/QUOTE] There's this thing called profit that is different to revenue you should read about it

[QUOTE=Bradyns;42246994]Total revenue: 97.03b USD (2012) It's about ~9.5% of last years revenue.[/QUOTE] That's still pretty damn significant

[QUOTE=Saxon;42246931]I don't call losing 1/5 of your profit "chump change"[/QUOTE] When you're making billions of dollars each quarter is there really a functional difference between 4 billion and 5 billion?

At least they had to admit wrongdoing, which opens them to further lawsuits. Of course, they are literally spending more than that fine just on LAWYERS to defend them.

[QUOTE=SgtCr4zyGunz;42246045]Yet all they do is slap them with a fine? Those corrupt fucks oughta be jailed.[/QUOTE] Screw just being jailed; those corrupt bank execs should be put in chains and buried in life support chambers under the desert, with an informative marker that details the criminal deeds of the chained demon interred within. Treat them like nuclear waste or Lovecraftian nightmare demons, which is pretty much what these freaks are. And then once we have the technology to fully reprogram a human being, we dig up the demons and pull some wires in their egg salads, turning them into alright non-corrupt civilised people, or servitors if need be.

[QUOTE=SgtCr4zyGunz;42248818]When you're making billions of dollars each quarter is there really a functional difference between 4 billion and 5 billion?[/QUOTE] yes

[QUOTE=Midas22;42246123]Why do that when theres money to be made?[/QUOTE] Take their money AND jail them.

[QUOTE=SgtCr4zyGunz;42248818]When you're making billions of dollars each quarter is there really a functional difference between 4 billion and 5 billion?[/QUOTE] Yeah, and it works out to roughly [B]1[/B] billion dollars.

[QUOTE=Sgt-NiallR;42253228]Yeah, and it works out to roughly [B]1[/B] billion dollars.[/QUOTE] I think his point was that if making 5 billion costs you 1 billion in fines, it's totally worth it.

[QUOTE=Bradyns;42246994]Total revenue: 97.03b USD (2012) It's about ~9.5% of last years revenue.[/QUOTE] 920 mill in fines is nowhere near 9.5% of 97.03 bill... Aside from revenue being unimportant in this case you want fine as a percentage of profit